Guar gum futures gain Rs 62 per quintal

Guar gum prices spurted by Rs 62 to Rs 8,977 per quintal in futures trade today on accumulation of bets and robust exports demand.

Marketmen said raising of bets by speculators, triggered by a firm trend at the physical markets on the back of strong export demand, led to the rise in guar gum prices.

In addition, depreciating rupee which collapsed to a new low of 70.52 against the dollar on month-end demand from importers, too, boosted sentiments, they added.

At the National Commodity and Derivatives Exchange, guar gum for the most-traded delivery in October surged by Rs 62 or 0.70 per cent to Rs 8,977 per quintal, with an open interest of 61,220 lots.

Also, the rates for November were higher by Rs 56 or 0.62 per cent to Rs 9,060 per quintal, open interest stood at 3,940 lots.